Powered by Bestow’s leading life insurance platform, Equitable’s new offering is available through the financial services company’s network of financial professionals
NEW YORK–(BUSINESS WIRE)–Life insurance technology company Bestow and Equitable, a leading financial services company and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announce a first-of-its-kind enterprise partnership and the launch of a new, entirely digital term life insurance offering called Term-in-10SM.
“As one of the most respected life insurers in the industry, Equitable is the ideal first enterprise carrier partner for us at Bestow,” said Melbourne O’Banion, Co-Founder and CEO of Bestow. “We came together because of our joint commitment to build innovative solutions that expand access to financial protection. We’re excited to deliver our unique product expertise and platform to Equitable Advisors, Financial Professionals and customers.”
Insurance Is Personal
Powered by Bestow’s industry-leading platform, Term-in-10SM was designed for Equitable from the ground up to combine the best of digital distribution paired with the tailored support of a financial professional. It is solely available through Equitable Advisors Financial Professionals who are agents of Equitable Network, LLC — providing a digital solution to existing customers and leveraging technology to reach and serve the next generation of customers.
Existing and prospective Equitable customers work with a financial professional to determine their specific life insurance needs and then apply for a term life insurance policy entirely online. If approved, coverage begins immediately. Bestow’s platform transforms the typical several-week term life insurance buying experience into one that is accomplished in about 10 minutes. Designed with simplicity, affordability and value in mind, Term-in-10SM never requires a medical exam and is available in robust coverage amounts up to $1 million and in 10, 15 and 20-year term lengths.
“Insurance is personal. There are substantial advantages to using a financial professional and life insurance agent who understands the specific requirements each client needs to protect their family and provide them with a comprehensive financial strategy,” said Dave Karr, Chairman of Equitable Advisors. “We’re excited about the relationship with Bestow as it allows us to provide a better more efficient experience for our current and prospective clients.”
Solutions Designed with Today’s Consumer in Mind
Bestow’s enterprise offering delivers a single source application, underwriting, and policy servicing experience that supports the entire end-to-end sale and administration of term life insurance — with more products to come. Leading carriers like Equitable Financial Life Insurance Company can license Bestow’s platform to develop and launch digital solutions that serve new customers, enhance financial professional productivity and reduce substantial cost and time hurdles that come with the administration of term life insurance products.
In addition to offering a full-stack solution, Bestow provides the expertise and resources needed to launch digitally optimized life insurance products.
“The insurance space is facing unprecedented change and opportunity given tech-driven disruptions and rising consumer expectations coupled with cost and competitive pressures,” said Hector Martinez, Head of the Life Insurance Business at Equitable. “We also recognize that the pandemic prompted interest in new protection solutions and the way Americans shop for these products as more folks shifted their attention to focusing on their holistic well-being over the past year. The partnership with Bestow is another important step in our strategy to help financial professionals serve the needs of their clients with innovative and tailored solutions designed with today’s consumer in mind.”
Bestow is the leading life insurance technology company. As both a direct-to-consumer destination and an infrastructure provider, Bestow powers instant life insurance solutions for businesses of all sizes, across any channel. In a world full of unknowns, Bestow is on a mission to make life insurance accessible to millions of underserved families by creating the best possible products and experiences that serve future generations.
Equitable* has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country. Please visit equitable.com for more information.
Bestow Agency LLC, in CA dba Bestow Insurance Services 750 North St. Paul Street #1900, Dallas, TX 75201. Term life insurance is issued by Equitable Financial Life Insurance Company (NY, NY) (Equitable Financial) and is distributed by Equitable Distributors, 1290 Avenue of the Americas, New York, NY 10104. The obligations of Equitable Financial are backed solely by its claims-paying abilities. Bestow Agency, LLC (dba Bestow Insurance Services in CA) is not an affiliate or subsidiary of Equitable Holdings, Inc.
Equitable Advisors Financial Professionals offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC in CA; Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc. in PR).
* “Equitable” as used above refers specifically to Equitable Financial Life Insurance Company. Equitable is also the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc. The retirement and protection subsidiaries of Equitable Holdings, Inc. include Equitable Financial Life Insurance Company (NY, NY), Equitable Financial Life Insurance Company of America, an AZ stock company with main administrative headquarters in Jersey City, NJ, and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN). GE-3930817.1(11/21)(exp.11/23)